extraordinarily problematic and we find ourselves in that position next week as both you and karen are on vacation. enjoy that. >> all right, thank you for watching fast money . tune in for mad money for "mad money. jim cramer starts right now. my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica other people want to make friends i'm just trying to save you some money my job is to entertain but really to explain. okay so call me at 1-800-743-cnbc or tweet me @jimcramer i get it nobody ever wants to give up their gains. you don't want to watch

platforms do a u-turn and surrender everything it made after that magnificent quarter >> sell sell sell! >> you don't want to see walmart soar and then repeal the whole move after an amazing quarter no less it is agonizing to witness amd give up a quick 25 points when the future seems so bright but sometimes you have no choice and i think this is actually one of those times we just had another bad day. dow lost 291 points s&p shed, nasdaq tumbled 1.7%. boy, did it get ugly at the close. what do you do at moments like this rather than trying to trade in and out, selling everything and then trying to buy it all back at lower levels, i think you need to learn how to ride out these moments. unless stocks aren't for you see, i think if you're patient i believe you'll do better sticking with stocks rather than hiding out in treasuries even if they have much more generous yields than they did a year ago. so let's start way key word here, and that word is patience. two weeks ago we had the eminent

market historian and technician larry williams in studio for chart week and he made it very clear that august would be a tough month. it was a pretty good call. he didn't want to sound the all clear in september because he thinks the first 12 days will also be tough. after that, though, he says the bull market should resume. larry said patience was warranted. he called it the p word. because this sell-off will likely end so you have to sit on your hands while stocks retreat sure, you can get out. go put your money in a 10-year where you get 4.2% risk-free but i think you can do much better by sticking with stocks for the long term. does patience make sense for everything of course not. but as i told members of the cnbc investing club at our monthly session today, if you like your stocks and you like the fundamentals and they're not hurt by a rapid rate increase, that does matter, by the way, you should be thinking about buying into this dip when the market gets oversold, not selling them second reason to statistic with the market i'm going to introduce a concept that's a element bit ethereal the concept of rain.

we accept there are always going to be rainy days market has rain too. sell-offs are rainy days they're not fun but they're necessary for stookz to go higher long term because they shake out the weak hands they allow the stocks to grow. so i'm urging you to accept the pullback the same way you accept the weather, stop looking at your positions every day it helps do hat. i'll use any analogy if it helps. and not just because i've been a gardener for three decades not that long ago i took a video of the flash crash back in 2010 where i came on our air and said the sudden 1,000-point decline for the dow was just the stock market breaking down, not anything fundamental and the market was breaking down because it couldn't handle the orders. i was right. the market broke for a moment and it turned out to be an amazing buying opportunity as i looked over the video from 2010, though, i found myself mesmerized by entirely something else birx what's known as the ticker underneath the picture. you can see that the ticker which holds the price of stocks. as those stocks passed, i noticed dramatic gains that most

stocks have made since that happened in 2010 there were losers that were trading too. they were very few and far between. even intel is up since 2010. but i was more caught up in watching block after block of a company called intuit the small business service software company. it was really incredible it kept coming by. intuit now trades at 486 it was in the 40s when i saw it. yeah in the 40s now, in the interim from when it was in the40s what did i see i saw a swoon from 107 to 79 in august of 2015, buy, there was a decline from 231 to 182 at the end of 2013, buy and a 386 to 187 beatdown when covid hit in 2020. buy. intuit's experiencing a dive right now too, selling off from 716 to just under 340 at its

lows before turning around to 486 right now. i know intuit had a hiccup in one of its earnings lines to justify somewhat of a sell-off here and it just lost one of its best people, alex chris, who headed up the small business self-employed group. he's taking over as the new ceo of paypal. but intuit's doing so well i'd rather think forward than backward it's a buyable blip just like the others can you imagine owning this phenomenal long-term winner then getting spooked out and selling it at 100 or 200 or 300 or 400, each time just to avoid the short-term pain in the house of -- >> the house of pain >> and stay in the house of pain it's only natural to want to avoid pain each time you could have held out in bonds rather than sticking around intuit although the yields were much worse back then but you can see how little you really make in bonds versus some high-quality growth stock that happened to have its ticker symbol come by during the clip i saw. this day it's going from 485 to 486 for heaven's sake. you would have been better riding out the downturns rather

than trying to get cute and swapping in and out. still the dispiriting nature of a day like today which opens fine and then cascades it's not lost on me or you. i watched the market being -- begin to pirouette down hard while jeff marks and i were rung the monthly investing club meeting. i had to fight the urge to say look, this thing's going down today, so you better get out and maybe come back to better prices i could intuit, so to speak, that today would have some heartbreak, in part because of the viciousness of a couple of stocks the viciousness with the stock of drugstore and health care company cvs was manhandled when its pharmacy benefit manager subsidiary caremark lost a big blue shield contract to amazon and a company run by mark cuban. i also saw how walmart's stock got absolutely clobbered on really excellent earnings. it was obvious to me that these were terrible omens for the day.

sell buy, sell buy of course i wanted to say just get back in at a lower level but i know better. that's very, very hard to do think of it like this. i can't tell you what's going to happen at cvs. i don't like that stock. i haven't for a long time. and that's because i get the creeps when i go there because i need to call for help every time i want to get any name brand product under lock and key i used to stop by during work to pick up what i needed for home but now i just order from amazon before i leave my home and there it is, faster, less aggravating, when i get home. cvs now is a horrendous business model compared to amazon but how about the walmart? i figure the analysts would rally behind it and raise their price targets tomorrow because that's pretty much what they always do. let's go back to the intuit situation. do you think i can even recall what happened to caused each of those vicious swoons over the past 13 years? something went wrong with the company? did interest rates jump up as they did today did some rival product come?

i have no idea all i know is there were plenty of days like today in the last 13 years and each one of them could have been a great moment to sell into it but only if you were able to get back in at a lower level. unfortunately, again, i think the vast maintain of you couldn't do it i know i couldn't. bottom line, i don't want you sacrificing huge potential gains like intuit on the altar of perceived safety because when you look back trying to sidestep these relatively small declines tends to give you worse returns than simply staying the course and riding out that rainstorm. let's go to peter in new york. peter. >> caller: hi, jim how are you doing? a big boo-yah from new york. >> thanks, peter what's going on? >> caller: we're big fans of yours. >> thank you >> caller: now that everyone is traveling again, why is airbnb continuing to go down? >> well, that's because peter, people -- i'll tell you why. because people aren't smart. this is a stock that has had repeated breakdowns. and i've recommended the stock after every single breakdown because brian chesky the ceo is

a great operator and they have a great app and i am with you, peter. i think that when we get really oversold airbnb is a buy david in california. david. >> caller: hey, mr. cramer i've been watching your show for two decades and i just retired from cal poly. >> fantastic >> caller: i have a question for you. i own two stocks in my i.r.a. account that i would call safe stocks with pricing power, pay decent dividends they sell similar products similar p/e ratios however, one has better earnings higher margin and less debt but the other's about to split into two companies. i'm wondering what you think the companies are kellogg and general mills. >> i think that general mills is an amazing company and they've done a lot of stuff to be able to diversify away from pure food including buying blue buff which was a brilliant move and i say that as a dog owner. kellogg we've got to see how those different pieces work. let's give that one some time.

and thank you for your cal poly work that was great doug >> caller: how are you doing >> i'm doing well. what's happening >> caller: not a lot love what you do >> thank you, doug >> caller: my question, jim, is about the sustainability and profitability of carvana, a stock moving forward last quarter they posted a 40% higher per car sold profit and still were in the red. >> well, i've got to tell you something, doug, i think you're right to find the situation problematic. right now there's a really good article in "ate automotive news" saying the car dealers have way too much inventory and that is very worrisome to me and it's been a great way -- you've made a lot of money in carvana. i think it's time to ka-ching ka-ching ka-ching. right now might feel like one of those times where it would be just so great to get out of the market, avoid the losses but maybe staying patient here will pay off down the road on "mad" tonight as we just discussed today's tape was miserable and i see rates going

higher i'm not blind to this stuff. so should investors turn to a company like real income which goes by the monthly dividend to ride the turbulence? i'll see if this could be the stock for you. talking to the ceo of course then earlier we held our monthly meeting for subscribers to the krrns investing club we had too many great questions sent in by club members that we decided to answer some of them tonight. and you will not want to miss my interview with a company i've tried to have on for 18 years. that's cintas. yes, it's got the finger on the pulse of two important sectors, small and medium sectors in the service industry the backbone of our nation and i'm checking in on the state of both of them with the company's top brass. so stay with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #madtweets send jim an e-mail to

madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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what do we do when the higher dividend stocks have been crushed by renewed bond market competition? as long-term treasuries have soared in recent weeks and they've done that very quickly consider the case of realty income the real estate investment trust company i like because it owns more than 13,000 commercial properties across the country including a lot of retail realty income's claim to fame is they pay their dividends on a monthly basis, which is another reason why i really like them. right now the stock yields 50.4%. but this is a tough environment for them given the bond market competition. i think that's why the stock has pulled back more than 5% since realty income reported a solid

celt of numbers just over two weeks ago. then again i like the underlying business because their top tenants tend to be convenience stores, grocery stores, dollar stores has this one come down enough to be enticing? let's take a closer look with sumit roy. he's the president and ceo of realty income. mr. roy, welcome back to "mad money. >> it's my pleasure, jim thank you for having me. >> people see the stock go down and everyone's just talking about how quickly interest rates have gone up and i think some people will probably say you know what, that could cause a real problem for realty income's tenants. could you explain to people why a very super fast rate hike still doesn't mean anything to your actual bottom line? >> yeah, it's my pleasure, jim and like you said in your intro remarks, if you look at the actual constituents of who forms the revenue line in our p & l, it's largely companies and industries that you mentions

it's dollar stores, convenience stores, drugstores and grocery they represent more than 30% of our revenue line and if you look at the makeup of those businesses, they are largely insulated from what is happening in the higher interest rate environment especially if you look at the actual operators within those industries that we are exposed to they happen to be companies like walmart, kroger, 7-eleven, dollar general and those businesses tend to actually do quite well in an environment like the one that we find ourselves in. if you go beyond the makeup and look at our balance sheet, it is as strong as we've ever been we are an a-minus rated business and our cost of capital and cost of debt has gone up vis-a-vis others but if you look at the overall competition we've gone up a lot less than others. we were able to continue to execute on our business model

and continue to be viewed as a defensive company that most have associated with realty income and just a few days ago on tuesday i believe it was we declared our 638 consecutive monthly dividend -- >> incredible. let me ask you, there will be people who say jim, i know you're behind this one but these higher rates are going to hurt all the tenants, so there probably are defaults and there are probably people who are pulling out. but that's not the case, is it >> not for our portfolio, jim. like you said, we reported our earnings just a couple of weeks ago. we have a 99% occupancy number, which is the highest level it's been in the last 20 years. if you look at our credit watch list, which we monitor very closely, it's at 3.7%, which is again the lowest it's been in the last five years. so some of this is obviously intentional. it's the way we've gone about creating the portfolio and that's why we feel very

confident that despite what you see happening in the broader economy we feel very insulated from that. now, you have to put on some sale leasebacks including one giant sale leaseback in the gambling area. are you feeling confident these will work out? >> i think so. in fact, i'm very confident that it will. in fact, there's a backdrop to all of this that is very interesting for our business, jim. if you look at -- we looked at about 300 companies in the s&p 500 that have about $1.6 trillion of real estate sitting on their balance sheet and these are businesses that are not in the real estate business and if you look at their same balance sheets they've got about $1.2 billion of debt that is comingdue through 2028 so you compare the refinancing these companies will have to consider and you compare that to the sale leaseback product that is an alternative source of

financing for these companies, and suddenly our product starts to look very compelling. so yes, i think this is a beginning of a trend we did the transaction that you mentioned with wynn resorts when we bought their encore asset in boston for 1.7 billion we did another very large sale leaseback in the second quarter with e.g. group, largely convenience stores, actually all convenience stores, largely located in the north-northeast these are very high-quality assets and that was a $1.5 billion sale leaseback. and i believe we're going to continue to see this trend in the near term and beyond >> i know you talked about how you're constantly looking at the credit as you just mentioned you took on some medical clients, some doctors in a box i guess, some people would call. that's what stephen king said in his most recent novel. i like that. you like that credit you think they do well >> i think they're going to do

well because again, i feel like hour health care is going to be delivered to the consumer. that too is going through a change you know, the traditional form of delivery where you immediately go to the hospital when you have an emergency need, et cetera. those models have obviously resulted in very expensive, you know, delivery of health care. we believe that the new model is going to have some semblance of concepts that are going to be closer to the consumer base. and that is an area that we are very focused on on participating in and it's very much aligned with, you know, the locations that we are very comfortable with. retail locations that tend to be closer to the consumer and if you look at some of our larger exposures like cvs and walgreen's, even if you listen to some of the health care providers like tenet, et cetera, and you listen to what their ceos are saying it is very much aligned with what i'm suggesting here so if we could be the one-stop

shop from a real estate perspective for some of these concepts, i do think that will be the model of the future >> i think you're right. one last question. are you working hand in hand with your retail customers to try to figure out a way to stop or slow down some of the pilferage? because we're hearing about so much stealing with these retailers when they report, and i know someone like you would offer very common sense ideas. maybe you can help them. >> yeah. i think the problem is beyond just the operators it's the laws that we have to take a look at but we are also very focused on that piece, and we're trying to make sure that we're positioning ourselves in locations where you have a complete balance of things that will allow for those shrinkages, if you will, continue to dwindle down but that is certainly a problem that we're keeping a close eye on >> all right well, i'm sure you're as always respectful of your clients in trying to make everything work and once again, you pay a

monthly dividend, which is what people really love so many of my friends who have watched the show are so grateful for what you do. that's sumit roy, the president and ceo of realty income look at their customers, how diversified they are and you'll know why it's terrific thank you, sumit, good to see you. >> thank you very much >> "mad money's" back after the break. >> announcer: coming up -- cramer took your questions on today's cnbc investing club monthly meeting. but he's so nice we're doing it twice. mail call. next

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with the citi custom cash℠ card. i love it... [voice vibrating] ♪ (upbeat music) ♪ ( ♪♪ ) constant contact's advanced automation lets you send the right message at the right time, every time. ( ♪♪ ) constant contact. helping the small stand tall. earlier today our investing club held our monthly meeting, oh i love it, where my colleague jeff marks and i go through our thought process for the club, discuss our current holdings,

take some member questions it's one of my favorite things to do, and we always have more member questions than we have time that's why i thought we'd take some of the leftover ones here tonight, give you a taste of what our monthly meetings are like if you're not part of the club and want to be, and i sure hope you'll be part of it, you can open the camera on your phone and scan the qr code behind me to become a member or you can go to cnbc.com/investingclub, one word of course. so first up we're taking a question from mark, who asks how does one determine when to violate the cost basis and buy more of a stock that has dropped considerably but is still above the cost basis for example, palo alto networks, panw thanks so much the investment club is awesome you're too nice. let me say something, i don't like to violate my basis, period and when i do i've only done it a couple of times, i don't usually like doing it. it's too risky in a case like palo alto which has come down a lot it is tempting to buy some but what i would like to do is actually see the quarter rather than just say you know what, i am going to buy

some ahead of the friday quarter and hope i do well i'll see the quarter and if the stock gets hit anyway because of the market and it's a nice opportunity, then i might file a cost basis but it's very rare that i do it. next up we're taking a question from cliff in south carolina who asks for defense stocks do you remember lockheed martin, l3harris, rtx, aerovironment, northrop grumman we just did a piece profiling why we like l3harris you can go back to that on cnbc.com and take a look you know i've been a long-term fan of rtx just yesterday in the lightning round i mentioned it's been punished enough for the problem it has with engines. lockheed martin has been very well run and in many ways is the most consistent. we like american tower all three of those are the ones i like let's go to brian who asks what's the best way to scale into a stock like eli lilly or

nvidia where you missed the big move and have a small position and want to add even though you're above your entry point. no, no, no you have to say you missed it and you have to say the stock has to godown very big i think between 15% and 20% from the high is where i would buy either one of those. and the reason i say that is these are special stocks and they've met big, big moves so i'm not itchingto tell you to be in them unless they come down very hard which they might do. i don't think so but they might do it. sometimes you have to say i missed it. let's take a question from heather. as i understand the reason to buy stanley black and decker is the home improvement projects. actually it's not diy we like. it's the professional, the dewalt brand, and that did very well because they didn't break it out in home depot you're absolutely right, why not home depot stanley black & decker is doinc. it has a 3 1/2% yield and i like

it very much i like the business of remodel and that is a remodel play but home depot had a terrific quarter. i'm never going to fight anyone who wants to buy home depot. we already own costco and that's one of our retailers and we own amazon and tjx we didn't feel like we needed any more retail exposure but i like that home depot quarter. next up let's go to michael in utah who asks jim, when you do your homework on an unfamiliar stock what does your process look like when you're doing research what are some is tools and methods you use? so i start literally looking at the website. that's a great place to start because you want to learn what product it does, what they believe in, what their ethos is, who they are i like all that, all one place then i go to the most recent conference call and i read through that and sometimes i read the one before that to see if there's any improvement and after that i actually literally google i google to see news stories very simple. you can do that too. and then only finally after i've done all that work do i look at wall street research to see what their judgments are because i don't want their judgments to

influence my thinking, which i think is frankly -- not too proud. everybody's better than what they're thinking i've been doing it for a long time next up we have rosemary or rosemary, sorry, in new york. who asks do you think the stocks from the i.r.a. have the benefits of this program already baked in their stock price or is there still an opportunity many of them have been baked in. absolutely but the market's been coming down and it is the markets coming down is giving you a chance to be able to buy in for all that money coming next year. we own caterpillar for that reason martin marietta materials is a company that can do well vulcan materials is a company that can do well those are three that i like for it and you might want to look at jacobs they do well and also sterling. those are my recommendations now let's go to william in florida who asks, i own shares of carnival that are underwater. should i hold or sell? i don't care where you bought something. i care where it's going to

where you bought it is irrelevant to me i white out the basis every day to see how i can think clearly carnival is not my favorite. the one that is my favorite is royal right now. and boy, i'll tell you, it would have been norwegian but frank retired and so now i'm more partial to royal last up we're taking a question from burt who asks hi, what are your thoughts concerning reits i've invested in them for a number of years and have reaped great dividends many times after gloom and doom later i wished i'd kept them realty income, monthly stream, fantastic. my writing partner is investigating a thing. we speak with the ceo. i think that's a great one to own. i happen to like don wood who runs federal realty. a lot of people are betting against shopping centers i think that's a big mistake he's done a very good job but it is case by case i've given you too. i don't want to give you that many more other than tanger i

think is doing very well skt. they've got a terrific business model. "mad money" will be back thank you for the questions. after the break. >> announcer: after the break, is this stock suited up for success? dress for the job you have when we return this tiny payment thing- is a giant pain! hi ladies! alex from u.s. bank! can she help? how about a comprehensive point of sale system... that can track inventory, manage schedules- and customize orders? that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. bank help us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous!

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everybody's trying to figure out if the economy's running too hot or not hot enough, but if you want a clear read on the situation in this economy you need some insight into what's happening with the bedrock of the u.s. economy, the small and

medium sized businesses. and i always tell you, that is the backbone of our country. which brings me to cintas. and that's the company you go to when you need to buy or rent uniforms for our employees as well as things like restroom supplies, first aid safety, really important, fire protection really important, cleaning products. here's a stock that's been an incredible long-term performer now fuld back 7% from its highs. you better listen up because this may be the opportunity. i haven't seen it down this much after a great quarter too in mid july but most important, nobody understands small and medium sized businesses better than cintas so what do they see and what do they do? let's talk with todd schneider he's the president and ceo of cintas to get a better read on what's happening so exciting. first interview. welcome to "mad money. >> thank you, jim. thanks for having me it's a pleasure to be here you know, we do have a pretty good read on business out in north america. we service a wide breadth of customers. everything from a two-person shop on main street usa to a

multilocation national account that would be a household name to you so you name it we've got it. >> how many companies do you think you have under your belt >> we have over a million business customers and we have 44,000 employee partners that service those million business customers. every morning we have 12,000 trucks that roll out of our parking lots and take care of those -- >> we see them everywhere. >> it's amazing. i hope they're really clean. >> always. >> well maintained and what's exciting about this is our locations, our partners take care of our customers and they help them they help those customers. we call it get ready for the workday. they help them with things like image, safety, cleanliness and compliance and as a result of that where we are today is we're the largest provider of rental workwear in north america. we're the largest provider of van-delivered first aid products in north america we're one of the largest fire services companies in the entire country. >> what are your customers

saying are they worried the rate increase has been very rapid. no one has a million customers you have to give us a sense of what they're saying. >> yeah, as i mentioned, you name it we've got it what we hear from our customers -- and by the way, we're in our customers every single week. we've got eyes, we've got ears, we've got minds that are helping those customers. and what we're hearing from them is business is still good. >> how's that possible they raise rates endlessly >> yeah. there's no doubt and i care about how interest rates, where they are. and the reason, main reason i care, because we have, you know, a pristine balance sheet what i'm mostly interested in is how it affects my customers. we have such a wide breadth of customers. some are doing incredibly well some are struggling. some are trying to find the best people still and struggling with employment >> really? still? >> they still are. still trying to find the best people is challenging. but we have some that are flourishing, some that are

challenged you name it. >> is that a different mosaic than a couple years ago? is it tougher now? >> certainly the employment market is easier but still not easy it's still a challenge to find good people. >> because of your unique position you might know if people are still expanding or are they worried about expanding? what's the tenor >> the tenor is it depends upon your industry, it depends upon your geography, but in general things are still -- we see good momentum in the marketplace. >> that's amazing. oil and gas, these are all places you're seeing good growth >> we service -- i mentioned a million business customers every week but there's 16 million businesses in north america. so we think there's incredible runway available to us to grow our business and here's what i know is this once we go from a million customers to 2 million customers there's probably going to be more than -- >> you think that's possible >> for sure it's possible. >> that's exciting

>> got good momentum >> i run some businesses and i know the uniform business is great. but this first aid business, there's a box that you have. and i look at it and i've always told employees if you get that box the insurance companies are going to say you know what, they had cintas, it's the gold standard, they did the right thing. the fire department says the same thing it is different than the others. people like to see that. it's a good housekeeping seal of approval is the way i look at it >> well, i appreciate that and we like to talk about helping our customers open their doors with confidence. and when it comes to safety, whether it is first aid products, aeds, clean water, eye wash stations, those types of things, but certainly fire service items, we talk to our customers and we ask them, hey, what's more important to you than the health and safety of your people? and they tell us there's nothing more important

>> are there other adjacencies you're thinking? you have customers that loved you. you probably have other things they'd like you to be bringing to them. >> jim, part of our corporate culture which we believe is our absolute number one competitive advantage is we don't believe the answer is at our desks we don't believe the answer is at our corporate headquarters. we think the answer is with our customers and our employee partners so we get out and we travel. we talk to them. we say what are you struggling with what do you need what voids could we fill and we learn we get better from that. so we're always in search of another product extension, another business extension, service extension. but we don't need that we don't need it but we're always in search of it because there's such a great opportunity where we are >> absolutely. now, a lot of times i get a call about you. i've done many profiles of your company. and what i've always felt was in good and bad times you still seem to do pretty well

you're one of the most consistent companies in the country. how are you able to be that way? >> part of it is our corporate culture. we've grown our sales and profits in 52 of the last 54 years. >> incredible. i don't know anyone else who has that record, frankly >> it's impressive and we're very, very proud of it tomorrow we're going to be celebrating our 40th anniversary of being a pubc company. we've raised our dividend every year since we went public, since 1983, and last year we raised it 17%. so we're very proud of that. >> should be >> but our culture is such that we're constantly innovating. we find that the status quo is completely unacceptable. we're really successful, but we feel like if we're standing still we're going to get past. so let's keep moving >> when i say i want you to own consistent companies, it's on days like today you have to think about a company like cintas you're going to look back and say what was that blip that allowed me to get it at such a good price that's todd schneider. he's president and ceo of cintas the symbol is ctas

anyone who's watched the show over the last 18 years knows this has been my small business choice if you want a company that's consistent. "mad money's" back after the break. your calls on the thunderous "lightning round." next

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it is time it's time for the "lightning round" on cramer's "mad money. calls one after the other -- play until you hear this sound and then the "lightning round" is over. are you ready, skee-daddy? time for the "lightning round" on cramer's "mad money." let's start with dave in illinois dave >> caller: dr. cramer, my mad

tuscan olive grove tycoon. how are you? >> you got me, dave. speak up you got me what's happening >> caller: jim, this $200 billion market cap company is best of breed among enterprise software companies they reported strong q1 results last may and reiterated similar forward guidance for me a no-brainer but more importantly jim, your thoughts on salesforce. >> okay. so salesforce, dave, thank you for the kind words, is going to have its big dreamforce meeting. i'm going to go out there and see it the charitable trust owns it as you know we've owned it forever i understand every high multiple stock is coming down we'll have to see what they say. you about dave-u know i like salesforce and i'm not backing away from it michael in pennsylvania. michael. michael, speak to me you've got cramer. >> caller: can you hear me, jim? >> yeah. i'm there. what's up? >> caller: jim >> mm-hmm. >> caller: since this company

reported earnings last week it's done nothing but fall. can you tell me when i should start buyingar month of sofi >> i think sofi's fine they had a really good quarter obviously the stock went up a lot. it's come back down. what can i say i think anthony notah does a terrific job it's still double from when we saw him at the ceo conference when we went to santa barbara. let's go to bill in connecticut. bill >> caller: hey, jim. thank you for taking my phone call >> of course >> caller: i'm a long-time fan i started watching with my dad years ago. he's since passed but i'm keeping a family tradition with my son >> that's what i want. >> caller: my stock today is american airlines. >> we're not going to recommend the airlines right now other than delta which we think is having a very good quarter and why are we doing that? we're cutting back on discretionary spend because we're getting a little nervous that people themselves are getting nervous because of how bad the stock market is and the bond market. let's go to carlos in texas. carlos >> caller: jimmy chill boo-yah to you, sir. >> chill says hi what's happening

>> caller: i would like to get your wisdom on an lpa slash ai company. the company is ui path -- >> one of those high multiple companies that i just think they're losing money they're supposed to make money let's wait till they make some money. this stuff is all just terrible right now. let's go to robert in new york robert >> caller: hey, james. wanted to get your reaction to dan ives' article about apple making a bid for disney. also -- >> i thought that was just nonsense i mean, i absolutely love dan. he's a terrific guy. but i don't think there's going to be any mergers anywhere anytime soon just sorry let's go to john in ohio john >> caller: hey, jim. thanks for taking my call. appreciate it. love your show >> thank you >> caller: jim, i'm a long-term investor, just so you know for my question. i've been accumulating draftkings for about three years. i've got a big position. and they had a blowout report. earnings the future looks great best in class. there was some news of disney

and fant sxikatics and all of t. but it has gotten clobbered -- >> you've got to hold. they're the dominant player, the number one big problem is that the market's bad. the stock went up huge but the company's great. it's going to start doing incredibly well, making real money. therefore, i would say buy some after -- when it's minus 5 1/2 club members get a discount on the oscillator if you want it. angelo in new york. >> caller: jim, i love your show down ten points. are you still recommending ge health care? >> we talked about it today. we just figure the stock is wrongly priced i went on and on about it today with jeff marks. we cannot believe how poorly this stock acts. look, i'm not saying i can't be this wrong because i've been wrong in my career but there is no reason for this stock to be selling this low after being 87, it's now at 68 i think it's a terrific company. mris are going to be needed in

order to be able to find out whether you're able to get the alzheimer's drugs that are coming out there is a seller of unbelievable proportions and we will buy more using a scale probably at 66 when i talk to jeff tomorrow. now of course we're frozen steve in pennsylvania. steve. >> caller: hey, jim. very satisfied club member shout out to my grandkids sarahson and bela. i've been suffering with coke the last few years >> i'm not worried about coke. there's four other stocks i'm more worried about right now than coca-cola and that ladies and gentlemen is the conclusion of the "lightning round" >> announcer: coming up, tremors from china and cramer's sipping mezcal. why so sanguine? we explain when "mad money" returns.

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when i hear about yet another crisis in china all i can think is been there, done that right now they've got a problem with their shadow banking system which exists beneath the more public but equally byzantine state banking machine. so i'm being bombarded by missives from very smart people who tell me that this is the big one. country garden, a gigantic property development company, is on the brink of default and that's causing dangerous ripple effects including perhaps missed distributions at some large trust companies where many chinese consumers keep their savings. of course almost two years ago it was evergrande, another failing chinese real estate developer that was going to bring down the chinese economy and this have been other crises du jour.

somehow it has the yub dous distinction of being the most powerful country on earth but the shakiest -- it's allegedly about to crush tens of millions of people's nest eggs especially if there's an actual default in this country we can't imagine having money tied up in a failing enterprise and not doing everything in our power to get out before the crash many american commentators assume that china works the same way. but that's exactly where they're wrong. i don't know if the chinese government has made it clear that those with money in trusts with exposure to country garden that they aren't going anywhere. that if they try to redeem they'll become enemies of the state. but man, if i lived in china i would not want to be the investor whose redemptions kicked off a financial crisis. we're talking about an authoritarian dictatorship that's only committed to free markets when it suits the regime if the communist party decides it's your patriotic duty to stick with country guarden and take the hit you better take the hit. come on that's better than take a bullet, which could potentially be the alternative of course now we're hearing china's going to drag down the

rest of the world including us but we've seen this movie before and we know how it ends. i remember eight years ago when the chinese stock market was crashing pretty much every day that was going to bring us down. just a gigantic rollover like our market during the financial crisis a slow-moving train wreck that was going to take everything down with it you can imagine every night at 9:00 p.m. we'd huddle over our screens and see where the chinese market would open. whether it would hold. i felt clued in simply because i was worried. i recall well because it used to ruin whatever we were doing at night to check on china. one day my wife told me just go to -- take your pc and go there. that's a bar we used to own. watch it from a high top and maybe get a mezcal every night scheina would go down never holding for a minute. then one day when i was sipping that mezcal it just stopped going down at some level where the chinese government said people shouldn't sell anymore we used to joke it hit the 200-day moving average and the presidency was really a technician that was that.

the decline ended. it was over. i stopped sipping my mezcal, came back home a lot's changed since then including selling the bar because my wife created foss foro, a darn good mezcal company. federal rules say you can't own a bar and the -- if president xi decides the problem's over like he did when the market crashed in 2015 it's going to be over. even if he needs to send in the people's liberation army to calm things down. of course it would help if he crushed these ne'er-do-well institutions like our government did with the savings and loans in 1990 by creating a resolution trust and selling off all the properties it wouldn't hurt if china cut rates to zero and did some quantitative easing. instead i think they'll just arrest the ne'er-do-wells who brought this on. but i can tell you what's not going to happen. china's not going to collapse. as big as those institutions are, and they're big, they're not big enough to bring down the whole darn regime because of their ridiculous patently crazy aversion to curing covid with a lockdown and a bootleg vaccine

didn't overturn the regime, believe me, this won't either. in that case i think china plays out like it did in 2015 a good reason to have mezcal but not a good reason to panic and sell all your u.s. stocks i like to say there's always a bull market somewhere and i promise to try to find it for you right here on "mad money." i'm jim cramer see you tomorrow oh, right now on last call, the graveyard of tesla-killers, another once-hailed rifle biting the dust. a bit coin mystery. why did crypto currency suddenly crash more than 2000 bucks? space ? black box revealed. secret finances. one corner of the market doing something it has never done before, and it could have big implications for your money. speaking of your money there is some good news on how americans are saving for